Supreme Court Sends IBM 401(k) Dispute Back for More Analysis (1)

A battle over the company stock in International Business Machines Corp.’s 401(k) plan will get another look in the Second Circuit after the U.S. Supreme Court vacated a decision reviving the lawsuit.

In a short, unsigned opinion, the justices said Tuesday they wouldn’t address arguments raised by the IBM defendants and the federal government that involved federal securities laws. The case asks whether IBM insiders can be liable under the Employee Retirement Income Security Act for failing to promptly disclose struggles in the company’s microelectronics division that led to a 7% drop in stock price.

IBM’s retirement plans committee ...